After a rough year so far, family-focused photo sharing app Tinybeans (ASX:TNY) flagged some good news for investors this morning.
The company said it’s booked an additional $1m in new advertising contracts so far in the September quarter, including some big tech names.
The new wins mean Tinybeans’ revenue pipeline through to the end of 2020 has now doubled, to around $2.3m.
Shares in the company ticked higher by around 10 per cent at the opening bell to 89c. But the stock is still struggling to recapture its momentum after hitting November 2019 highs of almost $3.50.
Apple, Google among the new partners
The company’s new advertising partners comprise some big household names in US commerce such as Apple, Google and Walmart.
Tinybeans said the deals were immediately revenue generative, and the company was “well placed to benefit from the pandemic tailwinds of family togetherness and at-home learning”.
“Given the summer months are typically slower in the US for advertising, we are thrilled with these recent and important new contract signings,” CEO Eddie Geller said.
The company said the new advertising deals were reflective of the synergies resulting from its $11m acquisition of US parenting website Red Tricycle in February.
For example, the Apple deal will see Tinybeans partner with the global phone giant’s Apple Camp at Home program, providing a series of online courses during the summer months. Red Tricycle has been a partner with the program for the last four years.
Tinybeans was one of the standout performers in 2019, when new customer growth spurred share price appreciation of more than 400 per cent.
But after coming off all-time highs in November, the stock has fallen out of favour since Tinybeans released its 4C filing for the December quarter on January 31.